This appears to be the first class action filing against Stanford in the wake of a fraud investigation by the SEC.
The complaint describes the allegedly aggressive sales efforts undertaken to sell the affiliated bank's CDs. The complaint alleges that the sales efforts misrepresented the safety and security of the CDs. The complaint also alleges that the Stanford affiliated entitles misrepresented their performance and investment returns. The returns are alleged to have been "misleading and inflated."
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